The Albanese Government has welcomed the announcement of a Memorandum of Understanding (MOU) between Ampol, GrainCorp and IFM to explore establishing Australia's own integrated renewable fuels industry.
A feasibility assessment of a renewable fuels facility in Brisbane, including a supply of local homegrown feedstocks, will be an initial priority under the MOU.
An Australian renewable fuels industry, which would include both sustainable aviation fuel and renewable diesel, will significantly reduce our emissions and ultimately provide cheaper, cleaner and more secure fuel to the transport sector.
This industry announcement follows the Government's Budget commitments last May for a number of measures to support a domestic renewable fuels industry.
This includes investing $1.7 billion over the next decade in the Future Made in Australia Innovation Fund, to support net zero innovations including low-carbon liquid fuels.
The Government also committed $18.5 million to develop a certification scheme for these fuels and $1.5 million for an impact analysis in relation to demand-side measures.
We thank those who provided their feedback to our A Future Made in Australia: Unlocking Australia's low carbon liquid fuel opportunity paper, which is sought views on options for supply and demand-side measures to support a domestic industry, to complement the impact analysis.
These views will ensure Australia has the best policy settings to encourage the growth and use of both sustainable aviation fuel and renewable diesel, forging new jobs in a new industry while making our transport sector more sustainable.
Quote attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:
"It's great to see companies like Ampol, GrainCorp and IFM also recognising the benefits and importance of supporting Australia's very own industry.
"As part of the Future Made in Australia plan, the Government is fast-tracking support for a local renewable fuels industry - from farm and feedstock to bowser - to help ensure our aviation, heavy vehicle, rail and maritime sectors are sustainable.
"I wish them all the best with their joint venture and look forward to advancing our own commitments to unlock Australia's renewable fuels potential."
Quote attributable to Climate Change and Energy Minister Chris Bowen:
"Supporting a renewable fuels industry in Australia is about so much more than slashing transport sector emissions, it's also about creating a new industry and jobs to ensure we continue to thrive in an ever-changing world.
"Today's announcement from Ampol, GrainCorp and IFM is not only a vote of confidence for Australia forging its own renewable fuels industry, it's incredible news for our transport sector, our national economy and for Brisbane."
